Cash flow from operations for 2007 was $36.0 million, up from $16.3 million in 2006. After completing the CCSS transaction of $35.8 million, eRT ended the year with $46.9 million in cash, cash equivalents and investments.
Commenting on the year as a whole, Dr. McKelvey said "Our success in 2007 gives us a strong basis for growth in 2008 and beyond. We enter 2008 with a healthy backlog, a good trajectory of revenue growth, enhanced scale and increased market share from our recent acquisition, a strong pipeline of bookings opportunities and a state-of-the-art new workflow system (EXPeRT(R) 2) that provides us with a scalable platform for operational excellence. The clinical trials industry continues to focus on the importance of cardiac safety and running Thorough QTc trials. In addition, we also invested in our eClinical line of business and launched a new line of business -- electronic patient reported outcomes (ePRO)." As for 2008, Dr. Michael McKelvey concluded: "The strong momentum that we developed throughout 2007, along with a healthy overall business environment for cardiac safety and the need for technology-based solutions for clinical trials, gives us confidence that we will have a successful 2008."
The Company issued guidance for the first quarter of 2008. eRT
anticipates net revenues of between $31.0 million and $33.0 million and net
income per diluted share of $0.08 to $0.10 for the first quarter ending
March 31, 2008. For the full year ending December 31, 2008, management
anticipates net revenues of between $130 million and $137 million.
Management anticipates earnings per diluted share of between $0.42 and
$0.46 for the full year ending December 31, 2008. This guidance includes
the costs associated with the closing of the Reno facility and oth
|SOURCE eResearchTechnology, Inc.|
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